ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Value Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter infrastructure assets lagged behind global equities amid a strong rally in equities. The Strategy underperformed in the first quarter relative to the S&P Global Infrastructure Index and on a U.S. dollar basis. Overweight exposure to the rail and renewables sectors and stock selection in the energy infrastructure and airports sectors primarily dragged the strategy’s performance while, stock selection in the rail, renewables, and toll roads sectors proved beneficial. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Global Infrastructure Value Strategy highlighted stocks like American Tower Corporation (NYSE:AMT), in the first quarter 2024 investor letter. American Tower Corporation (NYSE:AMT) is a leading independent multitenant communications real estate operator. The one-month return of American Tower Corporation (NYSE:AMT) was -3.18%, and its shares lost 0.51% of their value over the last 52 weeks. On July 1, 2024, American Tower Corporation (NYSE:AMT) stock closed at $194.02 per share with a market capitalization of $90.565 billion.
ClearBridge Global Infrastructure Value Strategy stated the following regarding American Tower Corporation (NYSE:AMT) in its first quarter 2024 investor letter:
“Portuguese renewables utility Energias de Portugal (EDP) and U.S. communications company American Tower Corporation (NYSE:AMT) were among the largest detractors. American Tower is a leading independent owner, operator and developer of wireless and broadcast communications infrastructure. The company has 41,000 sites in the U.S. and a further 139,000 sites across 19 countries, predominantly emerging markets (75,000 in India, 40,000 in Latin America and 18,000 in Africa). Shares underperformed as the market favored more cyclical sectors, while tower stocks, being notably sensitive to interest rates, experienced further declines due to the uptick in bond yields.”
A wide angled view of a high-rise office building, the windows reflecting a nearby cityscape.
American Tower Corporation (NYSE:AMT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held American Tower Corporation (NYSE:AMT) at the end of the first quarter which was 56 in the previous quarter. While we acknowledge the potential of American Tower Corporation (NYSE:AMT) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We discussed American Tower Corporation (NYSE:AMT) in another article and shared Carillon Eagle Growth & Income Fund’s views on the company. Baron Real Estate Fund added additional shares of American Tower Corporation (NYSE:AMT) to its portfolio in the first quarter 2024. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
